London pre-open: Stocks seen up on positive Asian cues

London stocks were set to rise at the open on Tuesday following a rebound in Asian markets.

The FTSE 100 was called to open 20 points higher at 7,142.

CMC Markets analyst Michael Hewson said: "In the absence of US markets yesterday European markets enjoyed a positive session yesterday, although the gains are still some way off reversing the big losses seen on Thursday last week, when markets were still absorbing the after effects of large rate hikes from the US Federal Reserve and the Swiss National Bank.

"Yesterday’s gains came despite rising concerns over a global economic slowdown, a fear that has been reflected in weakness in base metals prices, with copper prices sliding to one-year lows.

"Asia markets have picked up where markets in Europe left off, drifting higher, and along with US future today’s European open looks set to be a positive one, as US markets return later today."

In corporate news, packaging business DS Smith posted significantly improved full-year profits despite experiencing "another year of volatile trading conditions".

DS Smith posted a 21% year-on-year improvement in revenues to £7.24bn, partly driven by price increases implemented to offset significant cost inflation, pushing adjusted operating profits up by 23% to £616.0m and pre-tax profits ahead by 64% to £378.0m. The FTSE 100-listed group also hiked its full-year dividend per share by 24% to 15.0p.

Budget airline easyJet said it had struck a deal with Airbus for 56 A320neo family aircraft for delivery between 2026 and 2029.

The purchase will almost complete an aircraft supply arrangement with Airbus struck in 2013, easyJet said.